More Canadians have TFSAs than RRSPs — but they’re not using them to invest

More senior Canadians have Tax-Free Savings Accounts (TFSAs) than Registered Retirement Savings Plans (RRSPs), but they’re using them for “savings storage” rather than investments, according to a new RBC poll.

It was the first time the annual RBC Financial Independence in Retirement Poll — now in its 29th year — found more TFSAs (57%) than RRSPs (52%) among Canadians aged 55 and older. In fact, TFSAs are now the preferred savings option.